Making the Difficult Decisions on Finding a New Jersey Accounting Firm

Having a good New Jersey accounting firm is critical. Finding one that works with start-ups and new businesses is even more important because many firms only work with existing firms or larger companies and may not be able to manage the demands of a small business owner. There are a lot of options to choose from and that makes it difficult for a new business owner, who is focused on managing their company, to decide which option works best for them. A lot of these companies are good options and carry good references and that can make it tough to separate two good accountants from each other. Of course, there problems are legion if the wrong choice is made.

At any time, starting a new business, especially in a tough economic climate’s like New Jersey, is difficult. By laying good foundation and establishing good relationships with New Jersey accountants, the benefits that will arise when the economy turns around are high. The difficulties of the economy have made everything more critical than ever for new small business owners to get everything correct. Statistics have shown that new businesses face more tax problems than other kinds do because there are many parts of tax regulation that aren’t followed. That means a good New Jersey accounting firm can make a huge difference.

But everyone is aware of those statistics and yet some businesses do succeed. The issue is usually a small correctable problem rather than some untenable flaw. Having a good New Jersey accounting firm that acts like a partner is extremely beneficial. Having such a good relationship with a New Jersey accounting firm can often be the difference between success and failure. Taking the time to find the best New Jersey accounting firm can make up all of that difference.

There are a lot of ways to screen out the good New Jersey accounting firms from the bad. Ideally, one would only want to work with one that has a good deal of experience, but one that is still patient with new business owners and not too controlling. A relationship won’t work without trust and this is especially true witb a trusted advisor and a brand new business. So for that reason, it is recommended that people get to know their firm and that way they can find the New Jersey accounting firms which have a good reputation for working with their customers. Also, having experience with start-ups is a must because working with new business owners can be different (and difficult) compared to working with other companies that are more experienced. It is important not only that the company is experienced, but that they have the right and appropriate experience. The ideal New Jersey accounting firms serve as a partner and can provide a very valuable service to their clients if they always have a good working relationship with their customers.

MES: The path to intelligent manufacturing

The adoption of technology in the Manufacturing Industry has been slow, but steady. Technology adoption has been relatively faster when it has helped improve productivity, boost quality, and reduce costs. Industry CXOs are convinced that IT has a major role to play in manufacturing, but less than 30 percent of manufacturers have adopted Industry 4.0 technologies.[i] Now, with COVID-19 disrupting supply chains, manufacturers are being forced to examine virtualization and automation opportunities for their plants and MES in a bid to make them more resilient.

The problem is that many manufacturing organizations have created home-grown tools around Manufacturing Operations Management (MOM). These solutions cannot withstand the shock of COVID-19 type disruptions. They need to evolve into Smart Manufacturing systems. This is why, now is a good time to invest in full-fledged MES that leads to a connected, transparent, optimized and agile organization.

There are pockets in the manufacturing sector that appreciate the potential of MES. However, most are still improving their understanding of MES and how it can extract benefits across the supply chain.

At KONE, the Finnish engineering services organization known for its moving walkways and elevators, MES has been used as a starting point for its transformation to a digital factory. “MES is not only about tool implementation,” says Martin Navratil, Director, Manufacturing Network Development, who has been implementing MES at KONE for a few years now. “It is about the commitment of leadership and change management.”[ii] KONE embedded MES into its manufacturing strategy to access real time data while executing processes in their warehouse or during production on the shop floor. The availability of continuous data (during a shift, day-wise, week-wise, etc.) has improved efficiency and responsiveness to customer needs. Navratil says that MES has made an impact in four areas:

Driving collaborative innovation: MES is the foundation to bring digital competencies into the organizations by synchronizing the processes, tools, materials, equipment and people on a global scale.
Enabling a service mind set: MES connects geographically dispersed factories, putting an end to unsustainable and fragmented systems. The flexibility it provides supports a service mind set.
Building customer centric solutions: MES minimizes the cycle time and improves responsiveness. It also provides data to continuously drive a Lean and Six Sigma culture to improve quality.
Fast and smart execution: MES provides maximum transparency to customers regarding deliveries. Real time data is visually available to everyone, allowing the organization to put the customer at the center of the operations, reduce time to market and create customer trust.
MES places real time data into the hands of the organization, allowing it to become intelligent and exploit opportunities for faster improvement. Not only can supervisors monitor production during a shift (to achieve targets or improve asset utilization) but they can also transfer the granular data to other parts of the organization such as the maintenance and engineering teams for faster service response and to enable continuous improvement. The data also introduces great traceability, leading to excellence in delivery. “MES has brought many more opportunities to achieve better results,” observes Navratil.

For manufacturing organizations, MES is strategic to changing the way of working and to increase technological maturity – an essential pre-condition to the adoption of Industry 4.0 technologies. KONE provides an example of how MES can impact the organization and make it future ready.

Why finding a Good New York Bookkeeper Should be the First Thing a Start-up Does

New York City is one of the trickiest, yet most potentially rewarding areas, in which a new company can start a business. There is often significantly more competition, talent acquisition and retention difficulties because of how many other options exist out there, real estate is both expensive and difficult to acquire while we are also facing the trickiest recession in many decades. For a new business owner lacking bookkeeper training, adding those responsibilities and dealing with complex tax laws make it seem almost impossible to get a new business off the ground. Starting to allay those concerns can come from forming strong initial partnerships. Finding one with good New York bookkeepers can put aside many of these concerns and can truly help a new business focus on their core competencies.

The IRS and the New York tax authority have notoriously been hard on many start-ups. This isn’t done to pick on new business owners, but because a lot of mistakes are made in how new companies are drawn up and how they approach the tax code. A good New York bookkeeper can help in the case of that dreaded audit. A really good New York bookkeeper can make sure the situation is avoided all together if they are working with the start-up from day one.

Finding a good New York bookkeeper that can help avoid these costly missteps is a difficult process in its own right, but it should be one of the first things that a business acquires before doing much else. They can help draw up documents and create tax shelters that can be extremely beneficial down the road. The problem is that there are many bookkeepers, all with differing specialties and experience plus new ones are joining the industry all the time. Separating a good New York bookkeeper from a bad one can be a lot more difficult than one would initially assume.

Only considering New York bookkeepers with relevant start up experience is a good starting base point. Many New York bookkeepers follow the money and specialize on corporate accounts and large multi-national companies. These are some of the most talented New York bookkeepers, but that doesn’t make them a good fit for newer start-ups. A lot of accountants have good knowledge, but they may not have the time or customer service focus to properly work with someone just creating a start up. And by working with a company and its owner from day one will require someone who has good customer service focus. In these scenarios, it’s simple to imagine that a person setting up their first business will have many more questions and require significantly more guidance than a more experienced customer who only needs an accountant to balance books and file paperwork. New York is a difficult, but very rewarding place. Finding a good New York bookkeeper is also difficult, but finding a good one from day one can also be ultimately rewarding.